In Russia, the area under oilseeds will increase in 2024 - OleoScope

Published 2024년 3월 26일

Tridge summary

The Russian Federation is set to expand its sown area for four major oilseed crops to over 17 million hectares this year, up slightly from 16.97 million hectares last year, according to OleoScope. This growth encompasses increases in sunflower, soybeans, rapeseed, and oilseed flax cultivation, driven by factors such as high soybean margins, stable sunflower seed sales channels, rapeseed expansion in major regions, and a rebound in the oilseed flax market. Furthermore, OleoScope predicts Russia's oilseeds processing capacity will reach 33 million tons by year-end, up from 31.3 million tons, reflecting a robust industry trend towards more deep processing facilities and the production of higher value-added products.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

It may exceed 17 million hectares The sown area under four key oilseed crops in the Russian Federation this year may grow to more than 17 million hectares from 16.97 million hectares a year earlier, according to a press release from the information and analytical agency OleoScope. The area under sunflower, according to analysts, will be 9.55-9.7 million hectares. “Everyone understands that this is a reliable crop, the number of processing enterprises is growing on the domestic market, competition for raw materials is high - there is a stable sales channel for the seeds,” notes OleoScope analyst Kirill Lozovoy. The area under soybeans is expected to immediately increase to 4 million hectares. The agency associates this with the high margins of this crop in the line of oilseeds and grains, as well as with serious competition for high-protein beans among processors. “Demand in the current season supported domestic prices, despite the negative global background that resulted from the ...

Source: Specagro